HKSTP Announced Joint Initiatives at Hong Kong Fintech Week to Foster Fintech Development in Hong Kong

Albert Wong, CEO, HKSTP (second from the left), was in a panel discussion together with Hugh Chow, CEO, ASTRI (middle); Philippa Martinelli, FinTech Specialist, UKDIT (first from the right) and Nelson Chow, Chief FinTech Officer, Fintech Facilitation Office, HKMA (second from the right), spoke of recent regulatory developments in the region and around the world that are impacting the fintech sector, and shared the emerging trends in applied research and technologies that are bringing ground-breaking fintech concepts and innovations to the fore. The panel discussion was moderated by Prof Kalok Chan, Wei Lun Professor of Finance, Chinese University of Hong Kong (first from the left).

HKSTP brought 19 fintech partner companies and incubatees to the Hong Kong Fintech Week, exhibiting their innovations as well as exploring potential partnership and investment opportunities with other global entrepreneurs.

During Hong Kong Fintech Week, HKSTP also hosted an event under the InnoExpress FinTech Programme to share the latest fintech opportunities in Hong Kong and the Greater Bay Area and related incubation and business support available for local and overseas startups. 

(Hong Kong, 6 November 2019) – In support of Hong Kong being the world’s leading financial centre, Hong Kong Science and Technology Parks Corporation (HKSTP) today announced new fintech initiatives and collaboration with industry players to foster Hong Kong’s fintech development at the fourth annual Hong Kong Fintech Week. These initiatives include the launch of the Fin+Tech Collaboration Platform with Hong Kong Monetary Authority (HKMA), and the extension of the HKMA-ASTRI FinTech Innovation Hub at HKSTP’s InnoCentre in Kowloon Tong.  

At Hong Kong Fintech Week, HKSTP hosted a panel discussion, where recent regulatory developments in the region and around the world that are impacting the fintech sector were discussed. The panel also shared emerging trends in applied research and technologies that are bringing ground-breaking fintech concepts and innovations to the fore. The panel discussion was moderated by Professor Kalok Chan, Wei Lun Professor of Finance at the Chinese University of Hong Kong. Mr Albert Wong, CEO, HKSTP was joined by Mr Hugh Chow, CEO, Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI), Mr Nelson Chow, Chief Fintech Officer of Fintech Facilitation Office of HKMA, and Ms Philippa Martinelli, FinTech Specialist, UK Department for International Trade (UKDIT) to share their thoughts and insights.

New initiatives with HKMA to grow Hong Kong’s fintech ecosystem

The first among the initiatives announced is the launch of the Fin+Tech Collaboration Platform, in partnership with HKMA. The platform will help HKSTP continuously build an ecosystem where all stakeholders can share knowledge, collaborate and co-create innovations together.

The Fin+Tech Collaboration Platform focuses on facilitating extensive R&D and the application of emerging technologies, including AI, blockchain, cybersecurity and data analytics, to develop ground-breaking fintech solutions. The Fin+Tech platform provides an open, inclusive environment where industry players from both the finance and technology sectors can organise activities that will explore innovations, identify and nurture talents, and seek collaboration opportunities. It will also support HKMA’s new technology initiatives and upcoming fintech projects such as the Central Bank Digital Currency (CBDC) joint research project with Bank of Thailand, as well as other fintech-related activities such as solution showcases, labs, investments and business matchmaking, talent development through courses and trainings, competitions, networking and community events.

The second initiative will be an extension of the HKMA-ASTRI Fintech Innovation Hub from Hong Kong Science Park to InnoCentre in Kowloon Tong. First launched in November 2016, the HKMA-ASTRI FinTech Innovation Hub targeted to provide a fertile and creative environment for fintech solutions to bloom and perform the role of a sandbox and laboratory, where proof-of-concept trials for fintech solutions can be run and validated. The Innovation Hub will be extended to InnoCentre and equipped with advanced hardware and software technology to better address the needs of stakeholders within Hong Kong’s fintech community. The Hub, targeted to be opened in Q1 2020, will also provide a wide range of support services including technology consultation, co-working spaces, experience centres, solution showcase areas, development tools and sandbox. 

Albert Wong, CEO, HKSTP, said, “We believe the key to accelerating our fintech sector for Hong Kong is to build a robust ecosystem based on research and deep expertise in emerging tech areas such as AI, blockchain, cybersecurity and data analysis. We are rest assured that commercially-viable solutions can only emerge if stakeholders are on top of the fast-developing regulatory landscape impacting fintech in the region and around the world.

These are the reasons why we are partnering with HKMA to launch the two new initiatives. We envision that the new Fin+Tech Collaboration Platform and the extended HKMA-ASTRI Fintech Innovation Hub at InnoCentre will serve as an open and inclusive environment where all stakeholders can share knowledge and data, guide each other, collaborate and co-create fintech innovations. Moving forward, we will work closely with stakeholders in the ecosystem to drive forward the development of fintech innovations and enhance Hong Kong’s position as the world’s leading financial centre.”

Fintech is one of the four major technology focus areas for HKSTP. Hong Kong Science Park is currently home to a vibrant I&T ecosystem, where more than 330 fintech and ICT startups and companies work closely to apply deep technologies into fintech solutions such as trading and payment systems, financial data solutions, compliance and security and distributed ledger technologies. Earlier this year, HKSTP signed MOUs and formed strategic partnership with major organisations such as UKDIT, Hang Seng Bank and Tencent to accelerate the R&D, knowledge transfer, collaborations and commercialisation opportunities of Hong Kong’s fintech solutions. During Hong Kong Fintech Week, HKSTP also hosted an event under the InnoExpress FinTech Programme to share the latest fintech opportunities in Hong Kong and the Greater Bay Area and related incubation and business support available for local and overseas startups.